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Annual Report 2012

Annual Report 2012

GROUPConsolidated

GROUPConsolidated Statement of Financial Position(USD '000)Note 31.12.2012 31.12.2011ASSETSVessels 12 706 102 759 500Vessels held under finance leases 12 152 499 235 637Other equipment 12 205 419Other non-current assets 3 347 2 000Total non-current assets 862 153 997 556Trade and other receivables 14 50 951 62 375Inventories 16 681 20 457Derivative financial instruments 20 - 169Other current assets 1 911 2 235Cash and cash equivalents 15 30 926 66 826Total current assets 100 469 152 062TOTAL ASSETS 962 622 1 149 618EQUITY AND LIABILITIESShare capital 148 037 148 037Share premium 20 550 20 550Treasury shares -116 -116Other paid in equity 631 440 631 440Total paid in capital 16 799 911 799 911Retained earnings -841 681 -705 365Other reserves 9 625 9 600Total equity 16 -32 144 104 146Interest-bearing loans and borrowings 18 13 263 761 666Obligations under finance leases 18,19 140 149 186 587Pension obligations 13 202 562Total non-current liabilities 153 614 948 815Trade and other payables 17 58 568 70 786Current portion of interest-bearing loans and borrowings 18 769 793 11 669Current portion of obligations under finance leases 18,19 12 380 13 406Income tax payable 10 7 21Other current liabilities 4 404 775Total current liabilities 841 152 96 657Total liabilities 994 766 1 045 472TOTAL EQUITY AND LIABILITIES 962 622 1 149 618See accompanying notes that are an integral part of these consolidated financial statements.24

GROUPConsolidated Cash Flow Statement(USD '000)Note 2012 2011Profit/(loss) before taxes -136 315 -151 499Non-cash adjustment(Gain)/loss on sale of assets 10 172 -3 661Depreciation and amortisation 12 64 779 77 586Impairment 12 70 391 62 510Effect of updated estimated finance lease obligations 18 -30 432 -11 135Share-based incentive expense 8 - 446Amortised borrowing cost 6 046 2 448Interest expenses 40 930 41 235Interest income -92 -453Foreign currency (gain)/loss 2 292 5 341Change in pension liabilities 13 -392 -162Other changes 7 457 732Working capital adjustmentsChange in current assets 14 186 -3 314Change in current liabilities -12 811 -3 170Taxes paid - -22Net cash flow from operating activities 36 211 16 882Net proceeds from sale of vessels 5 954 2 821Payments on vessels (mainly upgrading and docking) 12 -14 806 -19 871Interest received 92 489Net cash flow from investing activities -8 760 -16 561Proceeds from borrowings 2 139 416Repayment of long term debt -7 033 -5 399Repayment of obligations under finance leases -13 407 -12 420Interest paid -39 914 -39 706Payment of other financial costs -5 544 -Net proceeds from share issuance - 52 919Net cash flow from financing activities -63 759 -4 191Net change in cash and cash equivalents -36 308 -3 868Effect of exchange rate changes on cash 408 -1 427Cash and cash equivalents at the beginning of period 66 826 72 121Cash and cash equivalents at 31 December * 15 30 926 66 826* Whereof USD 1.9 million is restricted (2011: MUSD 1.1).See accompanying notes that are an integral part of these consolidated financial statements.25

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